BIS Working Papers

From Bank for International Settlements
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781: New information and inflation expectations among firms

Serafin Frache and Rodrigo Lluberas

780: Can regulation on loan-loss-provisions for credit risk affect the mortgage market? Evidence from administrative data in Chile

Mauricio Calani

779: BigTech and the changing structure of financial intermediation

Jon Frost, Leonardo Gambacorta, Yi Huang, Hyun Song Shin and Pablo Zbinden

778: Does informality facilitate inflation stability?

Enrique Alberola and Carlos Urrutia

777: What anchors for the natural rate of interest?

Claudio Borio, Piti Disyatat and Phurichai Rungcharoenkitkul

776: Can an ageing workforce explain low inflation?

Benoit Mojon and Xavier Ragot

775: Bond risk premia and the exchange rate

Boris Hofmann, Ilhyock Shim and Hyun Song Shin

774: FX intervention and domestic credit: Evidence from high-frequency micro data

Boris Hofmann, Hyun Song Shin and Mauricio Villamizar-Villegas

773: From carry trades to trade credit: financial intermediation by non-financial corporations

Bryan Hardy and Felipe Saffie

772: On the global Impact of risk-off shocks and policy-put frameworks

Ricardo Caballero and Gunes Kamber

771: Macroprudential policy with capital buffers

Josef Schroth

770: The expansionary lower bound: contractionary monetary easing and the trilemma

Paolo Cavallino and Damiano Sandri

769: Safe assets: made, not just born

Robert McCauley

768: Over-the-counter market liquidity and securities lending

Nathan Foley-Fisher, Stefan Gissler and Stephane Verani

767: Central counterparty capitalization and misaligned incentives

Wenqian Huang

766: Risk endogeneity at the lender/investor-of-last-resort

Diego Caballero, Andre Lucas, Bernd Schwaab and Xin Zhang

765: Beyond the doomsday economics of "proof-of-work" in cryptocurrencies

Raphael Auer

764: Global Banking, Financial Spillovers, and Macroprudential Policy Coordination

Pierre-Richard Agénor and Luiz Awazu Pereira da Silva

763: On money, debt, trust and central banking

Claudio Borio

762: A key currency view of global imbalances

Robert McCauley and Hiro Ito

761: Non-monetary news in central bank communication

Anna Cieslak and Andreas Schrimpf

760: Gross capital flows by banks, corporates and sovereigns

Stefan Avdjiev, Sebnem Kalemli-Ozcan and Luis Servén

759: Assessing inflation expectations anchoring for heterogeneous agents: analysts, businesses and trade unions

Ken Miyajima and James Yetman

758: Foreign currency borrowing, balance sheet shocks and real outcomes

Bryan Hardy

757: Explaining Monetary Spillovers: The Matrix Reloaded

Jonathan Kearns, Andreas Schrimpf and Fan Dora Xia

756: Financial structure and income inequality

Michael Brei, Giovanni Ferri and Leonardo Gambacorta

755: Measuring financial cycle time

Andrew Filardo, Marco Lombardi and Marek Raczko

754: Euro area unconventional monetary policy and bank resilience

Fernando Avalos and Emmanuel Mamatzakis

753: Currency depreciation and emerging market corporate distress

Valentina Bruno and Hyun Song Shin

752: The effects of prudential regulation, financial development and financial openness on economic growth

Pierre-Richard Agénor, Leonardo Gambacorta, Enisse Kharroubi and Luiz Awazu Pereira da Silva

751: Exchange rates and prices: evidence from the 2015 Swiss franc appreciation

Raphael Auer, Ariel Burstein and Sarah Lein

750: Forward guidance and heterogeneous beliefs

Philippe Andrade, Gaetano Gaballo, Eric Mengus and Benoit Mojon

749: Whatever it takes. What's the impact of a major nonconventional monetary policy intervention?

Carlo Alcaraz Pribaz, Stijn Claessens, Gabriel Cuadra, David Marques-Ibanez and Horacio Sapriza

748: Domestic and global output gaps as inflation drivers: what does the Phillips curve tell?

Martina Jasova, Richhild Moessner and Elod Takats

747: How do credit ratings affect bank lending under capital constraints?

Stijn Claessens, Andy Law and Teng Wang

746: What drives local lending by global banks?

Stefan Avdjiev, Uluc Aysun and Ralf Hepp

745: Financial stress in lender countries and capital outflows from emerging market economies

Ilhyock Shim and Kwanho Shin

744: Why you should use the Hodrick-Prescott filter - at least to generate credit gaps

Mathias Drehmann and James Yetman

743: An intermediation-based model of exchange rates

Semyon Malamud and Andreas Schrimpf

742: Quantitative or qualitative forward guidance: Does it matter?

Gunda-Alexandra Detmers, Ozer Karagedikli and Richhild Moessner

741: Reserve requirements and capital flows in Latin America

Michael Brei and Ramon Moreno

740: The macroeconomic effects of macroprudential policy

Björn Richter, Moritz Schularick and Ilhyock Shim

739: The economics of revoking NAFTA

Raphael Auer, Barthélémy Bonadio and Andrei Levchenko

738: Bank solvency risk and funding cost interactions in a small open economy: evidence from Korea

Iñaki Aldasoro and Kyounghoon Park

737: Transmission of monetary policy through global banks: whose policy matters?

Stefan Avdjiev, Catherine Koch, Patrick McGuire and Goetz von Peter

736: The role of household debt heterogeneity on consumption: Evidence from Japanese household data

Jouchi Nakajima

735: Gauging procyclicality and financial vulnerability in Asia through the BIS banking and financial statistics

Stefan Avdjiev, Bat-el Berger and Hyun Song Shin

734: Payments, credit and asset prices

Monika Piazzesi and Martin Schneider

733: A risk-centric model of demand recessions and macroprudential policy

Ricardo Caballero and Alp Simsek

732: The global factor in neutral policy rates: Some implications for exchange rates, monetary policy, and policy coordination

Richard Clarida